Facebook executives tell Axios they're hiring seasoned journalists to help curate a forthcoming "News Tab" that they hope will change how millions get news.

Why it matters: News Tab is an effort by Facebook to restore the sanity and credibility that's lost in the chaos of our main feeds. Facebook will personalize the News Tab, so it will need a massive amount of content, from the New York Jets to gardening.

News Tab, a personal passion of CEO Mark Zuckerberg, is also an effort by Facebook to develop a healthier relationship with publishers, many of whom have had their business models destroyed by social platforms.

  • Facebook will pay dozens of publishers to license content for News Tab, and news from many more will be included.
  • The Wall Street Journal reported that the largest partners will be paid millions of dollars a year.
  • News Tab will try to give credit to the outlet that broke a story, rather than an aggregator.

Campbell Brown, Facebook's head of news partnerships, said: "Our goal with the News tab is to provide a personalized, highly relevant experience ... The majority of stories people will see will appear in the tab via algorithmic selection."

  • A small team of journalists will pick stories for a Top News section.

Last year, Facebook killed Trending Topics, populated by contractors, after being accused of bias.

  • "We learned a lot from Trending," a Facebook executive told me. "This is a completely different product."

What's next: A News Tab test for 200,000 users will begin in October, with a rollout to all U.S. users early next year.

Go deeper: Facebook says there isn't enough local news for its users

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 13,203,571 — Total deaths: 575,201 — Total recoveries — 7,331,068Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 3,407,798 — Total deaths: 136,252 — Total recoveries: 1,031,939 — Total tested: 41,004,275Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

2 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."